Sarulla Geothermal Power Plant Expands to 330 MW With Third and Final Unit Commencing Commercial Operation

98 Days ago

RENO, Nev., May 08, 2018 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) today announced that NIL 2, the third unit of the Sarulla geothermal power plant, has commenced commercial operation, bringing the project to its full capacity of 330 MW.

Located in North Sumatra, Indonesia, the 330 MW Sarulla power plant is one of the world's largest geothermal power plants and it includes three units of approximately 110 MW each, utilizing both steam and brine extracted from the geothermal field to increase the power plant’s efficiency.

In addition to being one of the sponsors, Ormat also provided the initial conceptual design of the Geothermal Combined Cycle Unit (GCCU) power plant and supplied its Ormat Energy Converter (OEC). The OECs are producing over 40% of the total power by utilizing low pressure steam and the separated brine, and as such maximizing resource exploitation for maximum power output.

SIL, the first unit of the power plant, commenced commercial operation in March 2017 and NIL 1, the second unit, commenced commercial operation in October 2017. Both units are performing well. NIL 2, the third unit, commenced commercial operation on May 4, 2018, reaching full completion under the Energy Sales Contract on schedule.

“Ormat believes Asia is a region with significant untapped geothermal potential, and we expect to use the success at the Sarulla plant as a stepping stone to additional opportunities,” commented Isaac Angel, CEO of Ormat Technologies. “Our relationship with ORIX Corporation, coupled with our participation in one of the world’s largest geothermal power plants, serve as important differentiators in Asia and globally for Ormat.”

The Sarulla 330 MW power plant, sells its power to the state-owned Indonesian Power Company PT Perusahaan Listrik Negara (PLN) under a 30 year Energy Sales Contract. The Sarulla power plant is operated by Sarulla Operations Ltd. (SOL), an operation company established by a consortium consisting of Medco Energi Internasional Tbk, Inpex Corporation, Itochu Corporation, Kyushu Electric Power Co. Inc., and an Ormat subsidiary that holds a 12.75% equity interest.

ABOUT ORMAT TECHNOLOGIES

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal Company and the only vertically integrated Company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 770 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,600 MW of gross capacity. Ormat’s current 851 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. In March 2017, Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions Inc. subsidiary, a Philadelphia-based Company with nearly a decade of expertise and leadership in energy storage, demand response and energy management.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Form 10-K filed with the SEC on March 16, 2018.

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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